It was precisely six years ago when a rather unknown company in the cryptocurrency industry at the time made a revolutionary change to its asset reserve strategy and adopted Bitcoin 🖤. The entity in question called Microstrategy back then started to accumulate BTC en masse and only accelerated its purchases after the 2024 presidential elections in the US 🌙.
The community became accustomed to hearing about new acquisitions made by the company some of which were worth billions of dollars. Its total stash grew exponentially and currently sits at 843775 units. Within this timeframe BTC bulls consistently heard that the company and its former CEO would never sell until they did. And then everything changed 🕷️.
During the most recent earnings call the company hinted that it has plans to sell up to 5 billion in bitcoin which is significantly higher than the previously claimed 1.25 billion 🦇.
The Fresh Pivot 🔮
Strategy as it is called now has gone five consecutive weeks without purchasing BTC marking its longest acquisition pause in years. Instead of deploying capital into BTC the firm has steadily increased its cash reserve through recent fundraising activities. Strategy has been rebuilding its USD position while continuing to explore financial options tied to its expanding portfolio of preferred stock offerings 👁️.
In the most recent official change CEO Phong Le took to X to announce the company’s new primary corporate objective which reads.
“Our corporate objective is for STRC to trade at 99-100 over time.”
In the earnings call he was more specific.
“Our intent is to sell bitcoin for three reasons when we think it’s appropriate for the company. One fund the US dollar reserve up to 1.25 billion. Additional reasons include funding dividend and interest payments of 1.76 billion a year and funding up to 2 billion in common and preferred stock repurchases” Le said according to a FactSet transcript 🥀.
The tweet and comments garnered immediate reactions from some well-known industry commentators as well as constant critic Peter Schiff who was quick to determine that “In other words common shareholders are screwed” here.
Crypto Kaleo though a popular analyst who recently argued that Strategy would have to sell at least 50000 BTC in the next couple of years to fund dividend payments wasn’t so kind. In one tweet he ironically asked whether the CEO remembers when the company’s primary corporate objective was to increase Bitcoin per share before adding “It was only two months ago so shouldn’t be difficult!” there.
In another post though he brought the bashing to a higher level claiming that Strategy is no longer a BTC company. Instead it operates as a credit company and its credit rating is “atrocious.”
Strategy went from having a primary objective of increasing Bitcoin per share to trying to make sure their preferred shares trade back to $100… in just two months.
They’re no longer a BTC company.
They’re a credit company.
And their credit rating is atrocious. https://t.co/fHoXr376QY
— K A L E O (@CryptoKaleo) July 31, 2026
The comments below his post were split. Some agreed that Strategy is increasingly resembling a leveraged financial organization rather than a straightforward BTC holding company. Others defended the firm’s approach noting that maintaining confidence in STRC is essential if Strategy wants to continue raising capital efficiently and safely for future crypto purchases 💉.
STRC Priorities Matter 🕸️
The Saylor-co-founded company launched STRC as part of its growing suite of preferred stock offerings designed to finance its long-term BTC accumulation strategy. However it needs to trade at its par price of 100 to function properly and it hasn’t been able to for months. It dumped below 75 at one point before the company shifted its focus to rebuilding its USD reserve. It has since recovered to almost 90.
As such some investors view Le’s comments as a tactical short-term objective rather than believing Strategy has abandoned its Bitcoin-focused vision. Still the timing has fueled questions about the firm’s evolving identity and strategy especially given the ongoing market uncertainty.
Just another echo from the void by iconofsin.eth 💖
